After the recent dollar bulls, there has been some corrections taking place across markets and it will be interesting to watch the movement of the AUDUSD in this regard. The pair has retraced almost 200 pips of the rundown in November, but has hit an area of overhead supply at the blue shaded area around 0.7500 that coincides with the 38.2 FIB level and the rally seems to be faltered. yesterdays candle hit that area of resistance again just under 0.7500 and that area seems to becoming very interesting. The level 0.73267 will be seen as near term key as it forms double bottom of an up trend channel for the past weeks. A breach of 0.73267 with see further downside. On the flip side a break above the resistance of 0.7500 negates our sell potential and favours the upside to the touch of the rising trend line.
Trade closed: target reached